Commentary: Some relief is felt as the DJIA has been sideways and DAX and Nikkei have broken above 1st resistance. The strong Bearish sentiment may have reduced some in here,while some choppy movements will be seen near term. A short correction in the next week is expected. PE

DJIA at 18202.62, +0.22% has been whipsawing in the 18000-18400 zone, and could continue to move sideways in here. The sideways range could be steaming up for a sharp breakout North or South. Be cautious, look for any directional cues.

DAX at 10645.68, +0.13% closed above 10600, while that holds may see a rise towards 10800-11000 near term. Some rejection could be expected near 10800.

Nikkei at 17189.51, +1.12% broke above Key resistance near 17000, but unless it breaks above 17200-17250 the possibility of a fall towards 17000-16600 is possible on the Southside.

Shanghai at 3080.51, -0.14% tested just below 3100 before coming down to current marks. While above 3075 could remain Bullish near term. A short sideways trade in the 3100-3075 region is possible in the coming sessions.

Nifty at 8659.10, -0.22% could be ranged inside 8500-8750 near term unless a sharp break North or South happens. Some contraction in price movements may happen in the next 3-4 sessions.

Commentary: Commodities have all moved up slightly but face near term resistances soon. Look for a fall in Crude Oil near term followed by a fall in the precious metals. Only Copper looks Bullish just now with support near current marks.PE

Gold at 1271.91 moved up towards important resistances near 1280 and 1292.5. A fall from 1280 may happen in the coming sessions.

Silver at 17.713 is inching up, no fast movement is seen just now. Resistance near 18.24 may hold for some time.

Brent Crude at 52.53 and WTI Crude Oil at 51.74 moved up, 1st resistance for WTI Crude Oil is near 52 and near 54 on Brent Crude. While these marks hold, see a corrective dip before resuming the Northside move. A failure to see a corrective dip just now could lead to a sharp breakout near term.

Copper at 2.1070 is trading near channel support at 2.08 and while that holds, it could move back towards 2.15 near term.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.